30-year-mortgage rate drops to 4.14%

WASHINGTON (MarketWatch) -- The average rate for a 30-year fixed-rate mortgage fell to 4.14% in the week that ended May 22 -- the lowest rate since the end of October -- from 4.20% in the prior week, according to a Thursday report from federally controlled mortgage-buyer Freddie Mac
FMCC, +3.58%
A year ago, the 30-year rate was at 3.59%. The average rate for the 15-year fixed-rate mortgage dropped to 3.25% in the latest week from 3.29% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage declined to 2.96% from 3.01%. The rate for a 1-year Treasury-indexed ARM remained at 2.43%.

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